Ilya Somin, The Volokh Conspiracy
Today is F.A. Hayek's 110th birthday. Hayek was perhaps the most influential libertarian thinker of the 20th century. Books such as The Road to Serfdom, The Constitution of Liberty, and Law, Legislation, and Liberty had a major impact on economics, political theory, and legal thought. Hayek also won a Nobel Prize in Economics for his technical work on monetary policy and business cycles. My personal favorite among Hayek's works is his famous 1945 article, "The Use of Knowledge in Society," which explains why private sector institutions generally do a better job of gathering and using information than government.... |